Water is an inorganic compound with the chemical formula H₂O. It is a transparent, tasteless, odorless, and nearly colorless chemical substance. It is the main constituent of Earth's hydrosphere and the fluids of all known living organisms, in which it acts as a solvent. Water, being a polar molecule, undergoes strong intermolecular hydrogen bonding which is a large contributor to its physical and chemical properties. It is vital for all known forms of life, despite not providing food energy or being an organic micronutrient. Due to its presence in all organisms, its chemical stability, its worldwide abundance, and its strong polarity relative to its small molecular size, water is often referred to as the "universal solvent".

Because Earth's environment is relatively close to water's triple point, water exists on Earth as a solid, a liquid, and a gas. It forms precipitation in the form of rain and aerosols in the form of fog. Clouds consist of suspended droplets of water and ice, its solid state. When finely divided, crystalline ice may precipitate in the form of snow. The gaseous state of water is steam or water vapor.

Water covers about 71.0% of the Earth's surface, with seas and oceans making up most of the water volume (about 96.5%). Small portions of water occur as groundwater (1.7%), in the glaciers and the ice caps of Antarctica and Greenland (1.7%), and in the air as vapor, clouds (consisting of ice and liquid water suspended in air), and precipitation (0.001%). Water moves continually through the water cycle of evaporation, transpiration (evapotranspiration), condensation, precipitation, and runoff, usually reaching the sea.

Water plays an important role in the world economy. Approximately 70% of the fresh water used by humans goes to agriculture. Fishing in salt and fresh water bodies has been, and continues to be, a major source of food for many parts of the world, providing 6.5% of global protein. Much of the long-distance trade of commodities (such as oil, natural gas, and manufactured products) is transported by boats through seas, rivers, lakes, and canals. Large quantities of water, ice, and steam are used for cooling and heating in industry and homes. Water is an excellent solvent for a wide variety of substances, both mineral and organic; as such, it is widely used in industrial processes and in cooking and washing. Water, ice, and snow are also central to many sports and other forms of entertainment, such as swimming, pleasure boating, boat racing, surfing, sport fishing, diving, ice skating, snowboarding, and skiing.

The word water comes from Old English wæter, from Proto-Germanic *watar (source also of Old Saxon watar, Old Frisian wetir, Dutch water, Old High German wazzar, German Wasser, vatn, Gothic 𐍅𐌰𐍄𐍉 (wato)), from Proto-Indo-European *wod-or, suffixed form of root *wed- ('water'; 'wet'). Also cognate, through the Indo-European root, with Greek ύδωρ (ýdor; from Ancient Greek ὕδωρ (hýdōr), whence English 'hydro-'), Russian вода́ (vodá), Irish uisce, and Albanian ujë.

One factor in estimating when water appeared on Earth is that water is continually being lost to space. H₂O molecules in the atmosphere are broken up by photolysis, and the resulting free hydrogen atoms can sometimes escape Earth's gravitational pull. When the Earth was younger and less massive, water would have been lost to space more easily. Lighter elements like hydrogen and helium are expected to leak from the atmosphere continually, but isotopic ratios of heavier noble gases in the modern atmosphere suggest that even the heavier elements in the early atmosphere were subject to significant losses. In particular, xenon is useful for calculations of water loss over time. Not only is it a noble gas (and therefore is not removed from the atmosphere through chemical reactions with other elements), but comparisons between the abundances of its nine stable isotopes in the modern atmosphere reveal that the Earth lost at least one ocean of water, a volume of water approximately equal to modern ocean volume, early in its history. This is likely to have occurred between the Hadean and Archean eons in cataclysmic events such as the moon forming impact.

Any water on Earth during the latter part of its accretion would have been disrupted by the Moon-forming impact (~4.5 billion years ago), which likely vaporized much of Earth's crust and upper mantle and created a rock-vapor atmosphere around the young planet. The rock vapor would have condensed within two thousand years, leaving behind hot volatiles which probably resulted in a majority carbon dioxide atmosphere with hydrogen and water vapor. Afterward, liquid water oceans may have existed despite the surface temperature of 230 °C (446 °F) due to the increased atmospheric pressure of the CO₂ atmosphere. As the cooling continued, most CO₂ was removed from the atmosphere by subduction and dissolution in ocean water, but levels oscillated wildly as new surface and mantle cycles appeared.

Geological evidence also helps constrain the time frame for liquid water existing on Earth. A sample of pillow basalt (a type of rock formed during an underwater eruption) was recovered from the Isua Greenstone Belt and provides evidence that water existed on Earth 3.8 billion years ago. In the Nuvvuagittuq Greenstone Belt, Quebec, Canada, rocks dated at 3.8 billion years old by one study and 4.28 billion years old by another show evidence of the presence of water at these ages. If oceans existed earlier than this, any geological evidence has yet to be discovered (which may be because such potential evidence has been destroyed by geological processes like crustal recycling). More recently, in August 2020, researchers reported that sufficient water to fill the oceans may have always been on the Earth since the beginning of the planet's formation.